New York, USA, June 23, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global bloodstream infection testing market is projected to register a revenue of $7,722.2 million at a CAGR of 8.4%, rising from $4,065.5 million in 2019, during the forecast period, 2020-2027. The comprehensive research gives a concise analysis of the current market landscape, including major features such as restraints, potential opportunities, growth factors, and challenges during the analysis period. The report also includes all market statistics, making it easier and more useful for beginners to grasp the market.
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COVID-19 Impact on the Market:
The global bloodstream infection testing market has benefited as a result of the coronavirus pandemic. The demand for an in-vitro diagnostic, which is considered the gold standard for diagnosing infectious disorders, surged exponentially as the novel coronavirus spread. The demand for infectious illness diagnosis surged dramatically in the North America and Europe during the COVID 19 pandemic. While the COVID 19 pandemic is still spreading, demand for infectious illness detection is expected to rise in the coming days. Meanwhile, the global bloodstream infection testing market is projected to witness accelerating growth due to the increased use of novel technologies and enterprises ramping up manufacturing capacity to satisfy worldwide demand.
Dynamics of the Market
Advances in healthcare technology, combined with the introduction of life-saving drugs in both developed and developing countries, have resulted in a rise in average life expectancy. This has led to a considerable increase in the elderly population. Due to their weakened immunity, the elderly people are more vulnerable to various illnesses. The global bloodstream infection testing market is projected to be fueled by an increase in the older population.
Antibiotic susceptibility testing, high-sensitivity pathogen identification, and high-throughput blood processing are few of the areas where new technologies are being developed. Companies have raised their investment in creating multifunction automated equipment and software, resulting in greater investment opportunities for the global market over the forecast period.
On the contrary, the cost of installing and maintaining machines has risen dramatically as a result of the advent of new automated machines and the usage of sophisticated software. The test kits are costly, which is expected to limit the market's growth throughout the forecast period. Furthermore, a lack of reimbursement regulations is projected to hamper the market growth in the upcoming years.
Segments of the Market
The report has segmented the market into different segments based on product, technique, technology, application, end-user, and regional analysis.
Product: Consumables Sub-Segment is Predictable to be the Most Profitable
The consumables sub-segment is predicted to be the most profitable over the analysis period and surge with a CAGR of 8.5% over the forecast period. The primary factors driving the demand for consumables in the forecast period are rising public awareness of the relevance of blood infection testing in disease diagnosis and an increase in the number of laboratories in developing countries such as China, India, and Brazil.
Technique: Automated Sub-Segment is Expected to be the Most Lucrative
The automated sub-segment is expected to be the most lucrative over the analysis period. Automated instruments are more efficient and deliver consistent findings in less time. Furthermore, technique results are more reproducible with this methodology, and operational errors are decreased, increasing demand for automated procedures in the coming years.
Technology: Molecular Sub-Segment is Expected to Experience Accelerating Growth
The molecular sub-segment is expected to experience accelerating growth over the analysis period. The molecular technology has the ability to provide a faster, more sensitive, more reliable, and direct identification of causal infections without the need for preparatory cultivation. These factors are anticipated to boost the growth of the market in the forecast period.
Application: Bacterial Sub-Segment is Expected to Garner the Largest Market Share
The bacterial sub-segment is expected to garner the largest market share over the analysis period and surge at a CAGR of 8.7% during the forecast period. The rising instances of sepsis among the global population is expected to be the primary driving factor for the growth of the market in the analysis period.
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End User: Hospital Sub-Segment is Expected to Witness Significant Growth
The hospital sub-segment is expected to witness significant growth and surge at a CAGR of 8.0% in the upcoming years by 2027. An increase in the number of independent laboratories as well as improving healthcare facilities in developing nations are the factors that are predicted to boost the growth of the market in the near future.
Region: North America is Expected to Experience Fastest Growth
The North America region is expected to experience fastest growth in the upcoming years and surge with a CAGR of 7.9%. Major firms investing more in research and development of blood stream infection testing devices are expected to propel the market growth in this region.
Key Market Players and Strategies
The most prominent market players of the global bloodstream infection testing market include -
- Bruker Corp
- Thermo Fisher Scientific
- AdvanDX
- F. Hoffmann-La Roche Ltd.
- Accelerate Diagnostics Inc.
- Abbott Laboratories
- Luminex Corporation
- bioMérieux SA
- Cepheid
- Becton Dickinson
These players are working on developing strategies such as partnerships, merger and acquisition, product development, collaborations to sustain the market growth.
The report also summarizes several key aspects including SWOT analysis, product portfolio, financial position of the market players, and latest strategic developments. For instance, in January 2021, Bruker Corporation, a leading manufacturer of scientific material, announced to have received the US FDA clearance and launched the MBTSepsityper Kit US IVD. This kit is effective in scanning the blood samples with over 425 types of disease-causing elements.
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